Permanent life insurance

Insurance that covers you all throughout your life.

Get permanent life insurance
Permanent life insurance

Permanent life insurance

Insurance that covers you all throughout your life.

Get permanent life insurance

What is Permanent life insurance?

Permanent life insurance gives you lifelong coverage, which never expires. Unlike term life insurance, which covers a specific period. Your beneficiaries will get a tax-free payment (the death benefit) after you die, provided you’ve paid your premiums (the monthly or annual cost you pay in exchange for having insurance). Beneficiaries can use this money any way they want.

It’s more than just insurance. Over time, your policy can build cash value you can access during your life, with certain tax implications.

Permanent life insurance is best suited to protect ‘permanent’ or ‘lifelong’ needs such as estate tax liabilities, care for a disabled child or dependent, liquidity for closely-held businesses, and even funeral expenses.

Permanent life insurance is a broader category that refers to different types of lifetime coverage policies.

Participating Life Insurance is the traditional and simple option,
it’s a set-it-and-forget-it policy. The following are the main features

  • Guaranteed cash values
  • Guaranteed death benefit payout
  • Fixed Premium - Your premiums stay the same even if your health changes.
  • The ability to borrow against the cash value if needed
  • May pay yearly dividends
Learn more about Participating Life Insurance

Universal Life Insurance is more customizable but complex. The following are the features

  • Flexible premiums and death benefits
  • The potential for higher returns on the cash value
  • The option to increase or decrease coverage as needed
Learn more about Universal Life Insurance

Frequently Asked Questions

Permanent life insurance is best for those who want coverage that lasts a lifetime and the ability to build cash value within their policy. It’s a strong choice for people focused on estate planning, leaving an inheritance, planning their retirement, and creating long-term financial security.

Pros: Lifetime coverage, guaranteed death benefit, tax-advantaged cash value growth.

Cons: Higher premiums than term insurance.

Bottom line: If your main goal is to cover temporary needs (like paying off a mortgage), term life may be better. But if you want permanent protection, permanent life insurance options offer both lasting coverage and the potential to grow your wealth over time.

Yes, permanent life insurance can be an excellent option for seniors who want to make sure that their loved ones are not burdened with funeral costs, estate taxes, or debts. However, premiums can be high due to their age.

Pros: Guaranteed lifelong coverage, peace of mind, useful for estate planning.

Cons: Higher premiums when purchased later in life, possible medical requirements.

Bottom line: Seniors who value leaving a legacy or covering final expenses will benefit most. But those on a tight budget may want to compare final expense insurance or smaller policies.

Permanent life insurance is a solid choice for families who want long-term financial stability. It can replace income, protect children’s future, and build cash value that may support education or emergencies later.

Pros: Lasting coverage, savings for future with growth, family security.

Cons: More costly than term insurance, less flexible if financial priorities change.

Bottom line: Families with stable income who want to combine protection + wealth building may find permanent life insurance ideal. For families focused only on affordable coverage, term insurance could be the better fit.

Yes. Business owners often use permanent life insurance to protect their company, plan succession, or secure loans. The policy’s cash value can also be tapped for future opportunities or emergencies.

Pros: Business continuity, estate equalization, tax advantages, cash value access.

Cons: Higher upfront cost, requires long-term commitment.

Bottom line: Permanent life insurance works best for business owners with long-term planning needs, especially if they’re thinking about succession or protecting key people. For short-term coverage, a business term policy may be enough.

No. Permanent life insurance does not expire as long as your policy stays active. Whether you live to age 70, 90, or beyond 100, your coverage will always be in place. This makes it especially valuable for people who want to ensure their family, estate, or business is always protected, no matter when they pass away.